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Booming equity markets in Asia were the driving force behind a record month for initial public offerings in October, when the value global issuance surpassed pre-crisis levels to touch $50bn.

Companies raised a total of $49.6bn from flotations globally last month, making October highest month on record by value. The previous high of $46.5bn was recorded in October 2007, just as the early signs of the global financial crisis were emerging.

The new record came on the back of huge issuance in Asia, led by the Hong Kong flotation of AIA Group, which raised $20.4bn. Of the 132 initial public offerings that priced in October, 91 were by Asia Pacific issuers.

Citigroup benefitted most from the spate of activity to top the bookrunner rankings for the month, followed by rival Morgan Stanley. For the year to date, Goldman Sachs tops the global bookrunner league table, with JP Morgan and Morgan Stanley occupying the second and third spots respectively.

Two further multi-billion dollar flotations are set to go ahead in the Asia Pacific region in November, with rail operator QR National and chemicals group Petronas each set to raise $3.7bn.

If both price at the expected value, Asia Pacific would hold nine of the top 10 IPOs for the year, though US car giant General Motors could move to the top if it completes its expected $10bn flotation.

After a turbulent first six months of the year, in which sovereign concerns led to a dearth of new issues and spikes in volatility, global investment banking revenue has now passed $50bn, according to Dealogic.

The landmark figure was reached on October 14, or 287 days into the year. This is 29 days quicker than in 2009. Activity has accelerated sharply following the summer break, with revenue moving from $40bn to $50bn in 41 days, the shortest time to generate $10bn in revenue since 2007.

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Debt capital markets activity accounts for the highest proportion of investment banking revenues, while M&A and syndicated loan revenue have also increased. Equity capital market activity is the only revenue stream that is down this year, falling 10%.